It fell on Thursday after data showed slowing manufacturing activity in China, while investors were also awaiting the US PCE report due later in the day.
technically:
Oil prices provided positive trades, reaching 82.00 barrier to face strong resistance, but the bullish trend scenario is likely as long as prices range above 80.80, pending breaching the aforementioned resistance and stability above it, to confirm the continuation of chances of rising towards levels 83.20-84.65 as next positive targets.
But if prices return to decline and 80.80 level is broken, the bullish outlook will stop, and we will witness a return in prices to fall again towards 78.60 as a next negative target, in order for the price to accumulate positive momentum and resume the bullish path.
Resistance areas: 82.00 / 83.20 / 84.65
Support areas: 80.80 / 78.60 / 77.00
2023-08-31 08:45:00
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